Word: beltings
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Meanwhile, tens of thousands of Mexicans have demonstrated against austerity measures that De la Madrid has imposed since 1982 in an effort to pay interest on the country's loans. The belt tightening has slashed government spending, shoved the economy into a painful recession, and boosted unemployment to about 15%. "The political system is being pushed into a corner," says Jonathan Heath, senior economist for Ciemex-Wharton, the Mexican division of Philadelphia-based Wharton Econometric. "A lot of people in the government want default, and though they are not the ones with the most clout now, at any given moment...
...bust is especially hard on the brash boomtowns that flourished in the early 1980s, when energy prices were peaking. Six years ago, Evanston, Wyo., a dusty town (pop. 1,250) on the Utah border, was dubbed "Oil City, U.S.A." because of its strategic location atop the Overthrust Belt, then a choice location for petroleum exploration. Oil-rig workers earned upwards of $1,000 a week. Recalls Jerry Cazin, 77, who has owned the Cazin & Houtz hardware store in Evanston for 51 years: "People thought they were going to be in clover all their lives." Today the area's wells have...
...loans in the U.S. oil patch have joined the long-standing Mexican problem at the top of bankers' worry lists. Energy loans gone sour have already forced the federal bailout of one major U.S. bank, Continental Illinois, in 1984, and the latest surge of bankruptcies in the energy belt could at least cause some smaller institutions to collapse. The top U.S. banks have an estimated $40 billion in oil and natural gas loans on their books, and more than half of the money has been lent to vulnerable small companies...
...unhurt, but some people flew into the ceiling," said Shaughnessy, an autoworker who was flying with his daughter, Audrey, 25, en route to her wedding in Israel. "I think some of them might have been hurt. There was some blood. I had the seat belt...
...round man on a cane, Dan has lost a hip to arthritis, actually to a childhood of peanut and cotton farming, compounded by adult years operating a belt in a phosphate factory. Still, something visible remains of the athlete, the first baseman who followed Uclesee to the Albany Red Sox and later coached semi-pro teams in Tampa. "My daddy carried me around like I carried Dwight around," says Dan, noting that none of the three sons from his first marriage ever embraced the game. "Oh, but it pleased me when Dwight took it up. 'Baseball, baseball,' his mother liked...